Tata Steel, Hindalco Hit New 52-Week Highs Amid Rally In Metal Stocks

Tata Steel and JSW Steel hit new 52-week highs on Wednesday amid gains in metal stocks. Tata Steel rose as much as 4.4 per cent to Rs 450 while JSW Steel jumped nearly 10 per cent to Rs 195.45 at day's highs, contributing to a 4.4 per cent gain in the BSE Metal index.

A global rally in commodity prices lifted sentiment in metal stocks, said analysts.

JSPL, JSW Steel, Hindalco, Steel Authority of India and Tata Steel were also among the most traded stocks in afternoon deals.

Hindalco and NMDC were other metal counters that recorded fresh 52-week highs.

The BSE Metal index was up 4.16 per cent, outperforming the BSE Sensex and the broader Nifty that were up 0.72 per cent and 0.90 per cent, respectively.

Tata Steel had earlier reported a 28 per cent increase in saleable steel production to 3.2 million tonnes (MT) for the third quarter of the ongoing fiscal year.

At 1:04 p.m., 11.9 lakh Tata Steel shares and 15.8 lakh JSW Steel shares had changed hands compared with two-week averages of 8.41 lakh and 2.44 lakh, respectively. Tata Steel was trading 3.53 per cent higher at Rs 446.10 apiece whereas JSW Steel was up 10.49 per cent at Rs 82.70 on the BSE, whose benchmark Sensex index was up 0.68 per cent.